Why Do We Need Credit For “Everyday Purchases”?
By twist
I’ve heard a lot of scary comments from Treasury Secretary Hank Paulson, but this one ranks near the top: [Thanks L!]
“Millions of Americans cannot find affordable financing for their basic credit needs. And credit card rates are climbing, making it more expensive for families to finance everyday purchases. This lack of affordable consumer credit undermines consumer spending; as a result, it weakens our economy.”
What in heck are Americans doing financing their “everyday purchases”? Credit should never be for the “everyday” stuff, that would mean you are borrowing money EVERY DAY.
Would someone please explain to the Treasury Secretary those of us that don’t have friends in Washington HAVE TO PAY OUR LOANS BACK. Excessive borrowing weakened our economy, so we’ll need to learn how to live within our means to save it. If we can’t finance our “everyday purchases” it’s probably a good thing.
Katy's Exposure 